Senior Leadership Appointments at CIMA

        Dr. Stephanie Azan                         Ms. Dominique Lloyd                    Ms. Kathleen Bulatovic                 Ms. Heather Timothy
 

The Cayman Islands Monetary Authority (“CIMA” or “the Authority”) is pleased to announce the promotions of Dr. Stephanie Azan, Ms. Dominique Michelle Lloyd, and Ms. Kathleen Bulatovic, effective 1 January 2026.

The Authority also welcomes Ms. Heather Timothy, who joined CIMA as Reinsurance Specialist in the Insurance Supervision Division on 9 February 2026.

Dr. Stephanie Azan was appointed Head of the Onsite Inspection Unit, having previously served as Deputy Head since 1 January 2023. Dr. Azan began her career with the Authority in December 2017 as Chief Analyst for the Onsite Inspection Unit and was awarded the 2024 CEO’s Leadership Award for her steadfast dedication to innovation, collaboration, and integrity. Prior to joining the Authority, she worked with the Cayman Islands Government as Chief Financial Officer for more than a decade. She is a Certified Public Accountant and holds a Doctorate in Business Administration, a Master’s degree in Public Administration, a Master’s degree in Business Administration, and a Bachelor’s degree with double majors in Accounting and Business Management, and a minor in Economics.

Dr. Azan’s appointment follows the dedicated service of Mr. Razaak Busari, who has served as Head of the Onsite Inspection Unit since August 2023. The Authority extends its sincere appreciation to Mr. Busari for his years of service and leadership. 

Ms. Dominique Michelle Lloyd was appointed Head of the Currency Division. Ms. Lloyd joined CIMA as a Currency Officer in 1997 and has since gained comprehensive supervisory and operational experience across the Authority, including within the Finance Division and more recently as Deputy Head of the Division since 2020. In her new role, Ms. Lloyd will serve in both a strategic and tactical capacity to ensure that effective and up-to-date operations are maintained to support the Authority in fulfilling its mandated responsibilities relating to the Cayman Islands’ currency.

Ms. Kathleen Bulatovic was appointed Deputy Head of the Policy and Development Division. Ms. Bulatovic joined the Authority in January 2025 as Chief Policy and Development Officer, bringing with her more than 20 years of experience spanning financial regulation, market infrastructure, banking, wealth management, and trust and fiduciary services. Prior to joining CIMA, she held senior roles at the Commerce Commission and the Financial Markets Authority in New Zealand, contributing to major regulatory initiatives, market studies, and cross-border cooperation efforts. At CIMA, she has assisted in strengthening the Authority’s supervisory and enforcement framework, supported strategies aimed at modernising legislation and regulation, and collaborated on the republication of key regulatory manuals. She holds a Bachelor of Business (Economics) and a Graduate Diploma in Business Studies (Personal Financial Planning), and has completed extensive professional development in regulation, leadership and strategic governance.

Ms. Heather Timothy was appointed Reinsurance Specialist in the Insurance Supervision Division. Ms. Timothy brings more than 15 years of experience in the insurance industry across the Caribbean, with expertise in reinsurance strategy, technical advisory, and climate and disaster risk financing. Prior to joining CIMA, she worked with several of the region’s largest general insurance companies in reinsurance roles, managing complex reinsurance programmes including treaty, facultative, fronting, and retrocession arrangements, while supporting underwriting, claims, risk, and finance functions. She has also contributed to regional initiatives in climate and disaster risk financing, including the launch of a parametric microinsurance product, and has delivered industry training and participated in regional and international panels on innovative insurance solutions. She is a Fellow of the Chartered Insurance Institute (FCII) and holds the Advanced Diploma in Insurance, a Bachelor of Science in Management Studies (Honours) from the University of the West Indies, St. Augustine, and a Master of Business Administration from Anglia Ruskin University in the United Kingdom and is also a Certified Insurance-Linked Securities Specialist.

“As we continue to strengthen our leadership capacity and enhance the Authority’s technical expertise, we are pleased to announce these appointments. Each of these individuals brings a wealth of experience, professionalism, and dedication that will further support the Authority’s mandate to maintain a sound, stable, and well-regulated financial system. I am confident that their knowledge and leadership will contribute meaningfully to advancing our strategic priorities and the continued effectiveness of our regulatory and supervisory framework,” said Chief Executive Officer, Mrs. Cindy Scotland, OBE.